US Secures Control of Venezuela's Oil Reserves Amid Bid to Lower Fuel Prices

US President Donald Trump announced on Friday that his administration has secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business. This move aims to revive the OPEC nation's battered energy industry and provide the US with a new source of crude to help bring down fuel prices.

The deal, which was negotiated over several weeks, would grant American companies long-term access to Venezuelan oilfields and guarantee that the resulting crude supply is sent to the United States. According to Trump, this agreement would secure stable, low-cost oil for the US and help lower gasoline prices.

Rubio described the agreement as a win for both countries, saying it would bring nearly $100 billion in private investment, support thousands of high-paying jobs, and help rebuild Venezuela's economy. Rodriguez, who became interim leader after Maduro was removed from power, stated that the agreement would allow for a significant increase in production through the development of 17 strategic fields.

However, analysts have expressed caution about the deal's prospects, citing the challenges of developing the infrastructure needed to produce, transport, and refine Venezuela's heavy crude. David Goldwyn, president of Goldwyn Global Strategies, questioned whether a US government lease would have a legal basis under Venezuela's constitution and hydrocarbons law.